Moove reaches $2.1bn valuation after Series C round
Moove, the global mobility company, has raised $250 million at a $2.1 billion valuation.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Moove, the global mobility company, has raised $250 million at a $2.1 billion valuation in a Series C funding round led by Mubadala Investment Company, Woven Capital (Toyota’s growth-stage venture investment arm) and Ion Pacific.
The round also brought in BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside the likes of BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.
The funding will support the expansion of Moove’s autonomous vehicle business, including autonomous fleet ownership and depot infrastructure where autonomous fleets are charged, serviced, maintained and orchestrated for continuous operation.
Since 2020, Moove has developed a platform to finance and manage ride-hailing fleets. The company started operations in Nigeria. It currently employs 3,300 people globally and operates roughly 42,000 vehicles across 29 cities in 13 countries. Expansion has been driven by a combination of organic growth and acquisitions – including Kovi in Brazil and Tokyo Taxi in Japan – bringing its annual recurring revenue to $420 million.
Moove is now applying the operating model it built for human-driven mobility to autonomous vehicle systems. Through a partnership with Waymo, the company acts as a third-party autonomous fleet operator, with active operations in Phoenix and Miami and planned operations in London.
Ladi Delano, co-founder and co-CEO of Moove, said: “Every major technology revolution becomes an infrastructure race. The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city – and that is what Moove is building. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them.”
He added: “We started in Lagos with a simple insight: mobility demand is abundant, but supply cannot scale unless capital, technology and operations move together. Five years later, that insight has evolved into a global platform. Today, we are focused on building the platform that will redefine mobility and enable billions of autonomous journeys worldwide.”
Ali Eid AlMheiri, an executive director at Mubadala, commented: “As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important. Moove is building an integrated operating platform that combines fleet ownership, operational capability, and technology to support the next phase of growth in autonomous mobility. This is particularly important for the UAE. Mubadala is investing in enabling infrastructure and scalable platforms like Moove that support economic diversification and strengthen the UAE’s role as a hub for advanced technologies. Since Mubadala’s initial investment three years ago, Moove has been a great partner and we are glad to continue partnering with Moove in its next phase of growth.”
Betty Lee, principal at Woven Capital, noted: “Moove has demonstrated an exceptional ability to execute across markets, building a global platform across traditional and autonomous vehicle fleets. The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it. Few companies at this stage have proven they can move with the speed and operational excellence that Moove has demonstrated across so many markets. We’re excited to be part of what they are building and help accelerate their path as they scale.”
Michael Joseph, co-CEO of Ion Pacific Limited, added: “We’ve partnered with the Moove team for more than five years, and their execution has consistently impressed us. As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector – one that is complex, adaptive and essential to scaling AVs. We’re excited to be part of that journey.”
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Access the latest Dealmaker’s Log here
This is very insightful 👏🏾